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長春高新(000661):完成股權激勵首次授予 增長確定性再提升
格隆匯 07-26 00:00
業績簡評 7 月25 日,公司審議通過《關於向激勵對象首次授予限制性股票與股票期權的公吿》,確定了此次激勵首次授予的具體內容。 經營分析 首次授予對象為278 名激勵對象,長期增長確定性再提升。本次激勵計劃的首次授予日為2022 年7 月25 日,向符合條件的278 名激勵對象授予限制性股票228.67 萬股(佔本次激勵計劃擬授出限制性股票總數的92%),授予價格為112.55 元/股;向符合條件的371 名激勵對象授予股票期權109.86萬份(佔本次激勵計劃擬授出股票期權總數的70%)。 業績考核指標涵蓋全面,利潤考核目標穩健高增長。公司激勵計劃授予的限制性股票業績考核年度為2022-2024 年,業績考核指標為金賽藥業的淨資產收益率、淨利潤增長率、資產負債率。淨利潤增長率的考核目標以金賽藥業2019-2021 年的淨利潤平均數(27.98 億元)為基數,2022-2024 年年度的金賽藥業淨利潤增長率考核目標為不低於52.50%、75.50%和102%,首次授予的限制性股票應確認總成本約為2.14 億元,2022-2026 年攤銷成本分別為3341、8018、6236、2851 和935 萬元。首次授予的股票期權應確認總成本約為3952 萬元,2022-2026 年攤銷成本分別為618、1482、1153、527 和173 萬元。 深度綁定企業核心人才,促進企業長期穩健發展。2021 年金賽藥業實現歸母淨利潤36.84 億元,貢獻集團歸母淨利潤的98%,是公司的主要盈利來源。此次股權激勵的舉措將金賽藥業核心管理者、優秀人才的利益與股東利益緊密結合,有望進一步提高員工工作積極性、積極主動地為企業完成既定目標、實現價值最大化。 盈利調整與投資建議 考慮激勵費用影響,我們預計公司2022-2024 年分別實現歸母淨利潤 51.8(+38%)、67.3(+30%)、82.8 億元(+23%),對應當前EPS 分別為12.8元、16.6 元、20.5 元,對應當前P/E 分別為16.1、12.4、10.1 倍。 維持“買入”評級。 風險提示 醫保降價和控費風險;生長激素競爭加劇風險;疫苗銷售不及預期;研發進展不達預期等。
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